MT SB173

Creates a new workforce renter's tax credit for renters under age 62 with gross household income below $45,000, providing up to $1,200 if rent is 40% or less of earned income, or up to $1,750 if rent exceeds 40% of earned income

Allows qualifying teachers (employed at accredited elementary or secondary schools) to exclude non-teaching income when calculating the workforce renter's credit

Increases the maximum residential property tax credit for the elderly from $1,150 to $1,700

Adds an annual inflationary adjustment to the gross household income thresholds at which the elderly property tax credit phases out

Applies retroactively to tax years beginning after December 31, 2024, and takes effect immediately upon passage and approval